Part of this strategy must be about more investment by BRICS nations in addressing youth unemployment and the establishment of a BRICS Youth Employment Fund, a Chinese state run news agency cited South Africa's National Youth Development Agency (NYDA) Chairperson Yershen Pillay as saying.

"This Youth Employment Fund should seek to encourage and support programmes aimed at job creation for young people in the countries of BRICS," Pillay said.

"This fund should be set up by 2014. That is our call as the NYDA," said Pillay. The forum, hosted by the South African Department of International Relations and Cooperation, was held as BRICS nations (Brazil, Russia, India, China and South Africa) were stepping up efforts to address youth unemployment.

Pillay said that youth unemployment is a global challenge and not unique to any particular country including South Africa.

Support for young entrepreneurs amongst the BRICS nations can and will lead to more jobs for more youth, not to mention the socio-economic benefits of having higher levels of youth participation in entrepreneurship, Pillay said.

"To a certain extent, we need to influence what its loan or funding policy will be and to ensure that it becomes youth friendly," said Pillay.